The Belmont Apartments

Freddie Mac engaged The McEnery Company to provide an AS IS opinion of the market value of The Belmont apartment complex in Hattiesburg, MS. The Belmont is a Suburban Class A-, 164 unit apartment complex situated along 98th Place Boulevard, just north of the Highway 98 and King Road/Old Highway 11 intersection, in Hattiesburg, Mississippi. The scope of this analysis consisted of the evaluation of a formerly problematic and now recently stabilized apartment property. Our appraisal analysis accounted for measurable deficiencies associated with the inferior amenity package offered by this complex in comparison to the direct competition that exists in the subject trade area. Additionally, the appraisal also required explanation of dated offers to purchase the property that were based off of previous net income calculations tied to the formerly un-stabilized status of the property. Our competitive survey included confirmation of occupancy and rental rate per unit type analyses for a total of 7 local complexes that comprise a total of 1,890 competitive units in the Hattiesburg market.